The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) announced on June 8, 2022, that it is amending the Cuban Assets Control Regulations, 31 C.F.R. Part 515 to implement aspects of a policy announced by President Biden’s administration which intends to “increase support for the Cuban people.”

It is common for the Cuba sanctions program to undergo changes with each new U.S. administration.  As we see another relaxation of restrictions, it is crucial for both individuals and companies to act now to assess any of the new benefits that may apply, as the situation may change unfavorably for Cuba in the future.

For more background on the U.S. sanctions changes for Cuba, please read our alert on